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组合里个股的筛选基准主要是业绩的相对稳健和估值的相对合理，并且以行业龙头公司为主。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.450Z","mo":"海外经济方面，2025年海外经济增长动能将进一步趋弱但韧性仍强。美国通胀可能存在上行风险，美联储降息大概率进入观察期。　　国内经济方面，2025年国内经济增长有望逐渐企稳。外需不确定性加大，扩内需成为稳增长的重要抓手。为对冲国内经济周期性下行压力及应对外需不确定性风险，政策将进一步扩大内需。财政政策、货币政策有望更加积极。在稳增长政策支持下，国内经济动能预计将持续恢复。　　2025年对外贸易表现和国内财政政策是影响市场的主要因素，预计市场呈现震荡格局，波动可能加大，存在结构性机会。国内政策方向将持续积极，经济数据维持平稳，对市场形成一定支撑；但海外环境不确定性仍大，可能对市场造成阶段性扰动。A股上市公司盈利能力已经历较长时间调整，部分行业产能、库存逐渐出清，需求端下行压力逐渐缓解，相关行业及板块存在投资机会。　　基于上述分析，我们认为目前的宏观状态和市场交易都是在“衰退-复苏”之间摇摆，对此我们的投资策略选择是在生态环境基金既往的中盘成长型风格的基础上适当向中小盘成长风格布局，兼顾质量和成长因子，并根据盈利增长和估值情况进行投资组合的动态均衡调整。相对看好新能源汽车、智能驾驶、人工智能等新兴产业对相关产业链投入产出变化的引领作用，密切关注材料、机电和消费服务行业在新技术、新经济背景下的新机会。","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csrcFundId":4015,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:42.044Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","memoNum":2,"masterFundShortName":"工银生态环境股票","pinyin":"gyrxsthjhygpxzqtzjj","managers":[{"stockCode":"8801314061","stockType":"fund_manager","exchange":"fm","tickerId":82410056960,"name":"何肖颉"}]},"announcement":{"linkText":"工银瑞信生态环境行业股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53b7fea5b3eb0442dc6","date":"2024-09-29T16:00:00.000Z","stockId":3000000001245,"sao":"海外方面，三季度海外经济增长动能延续走弱，但韧性仍然较强，通胀压力缓解以及增长动能放缓背景下，海外流动性边际宽松。9月18日，美联储宣布降息50个基点，这是美联储2022年3月启动本轮紧缩周期以来首次降息。我们认为美国经济实现软着陆的概率较大，不过考虑到货币政策对经济的影响的滞后性，预计接下来3-6个月海外市场仍将在增长放缓与货币宽松交易之间波动切换。　　国内方面，三季度以来经济增长动能仍然偏弱，中采PMI指数处于荣枯线以下。9月26日中共中央政治局召开会议，分析研究当前经济形势，部署下一步经济工作，此次会议召开时间、对当前经济形势的判断、后续政策部署均超出市场预期。整体上看，政治局会议表态对股票市场信心修复有积极意义。伴随后续稳增长政策落地，经济有望逐渐企稳，股票市场风险偏好有所上升。　　市场方面，三季度A股先抑后扬，9月政治局会议后宽基指数快速反弹并创出年内新高。其中，创业板指和科创50在三季度领涨，沪深300涨幅也达到16.1%。分中信一级行业看，三季度非银金融、综合金融、房地产行业领涨，石油石化、煤炭、公用事业等行业表现靠后。风格层面看，三季度前期大盘价值风格相对占优，9月下旬后大盘成长转为占优。　　生态环境基金的组合配置风格是中盘成长股，超配中大盘成长股，低配价值股，今年以来基于优选低估值优质成长股的投资策略，上述组合的风格相对跑赢市场，9月份由于政策预期和风险偏好大幅上升，报告期组合业绩跑输市场。本组合的基准指数是中证环保产业指数，基准的大部分行业是电力设备、电力及公用事业，本组合基于对行业竞争格局和产能供求关系的判断，低配上述两个基准行业，超配的主要是新能源汽车以及与智能驾驶相关的信息产业，基于家电以旧换新和节能家电的优惠政策，超配了家电龙头企业。组合里个股的筛选基准主要是业绩的相对稳健和估值的相对合理，并且以行业龙头公司为主。报告期内本组合的操作主要是进行了组合结构的小幅度均衡调整，加仓了电子元器件、机械和汽车，减仓了国防军工、房地产和基础化工。基于今年以来的盈利预测和风险偏好，本组合显著低配创业板、科创板等有关类别的个股，所以在9月份以来的市场大幅反弹中跑输基准。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.447Z","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csrcFundId":4015,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:42.044Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","memoNum":2,"masterFundShortName":"工银生态环境股票","pinyin":"gyrxsthjhygpxzqtzjj","managers":[{"stockCode":"8801314061","stockType":"fund_manager","exchange":"fm","tickerId":82410056960,"name":"何肖颉"}]},"announcement":{"linkText":"工银瑞信生态环境行业股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179515","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53b7fea5b3eb0442dc5","date":"2024-06-29T16:00:00.000Z","stockId":3000000001245,"sao":"一季度经济数据表现好于预期，生产端改善明显，消费端保持平稳，出口端保持了较快的增速，地产二手房销售有所改善，但新房销售依然承压。国内经济在地产和基建承压的情况下依然保持了较强的韧性。一季度股票市场经历了大幅波动。一月份，股票市场发生了小微盘股一定程度上的流动性危机，A股大幅下行。二月份，国内股票市场在有关政策的引导下终结了市场交易的负向循环，A股持续企稳回升。在A股持续回升过程中，现金流稳定、股息率较高的标的和主题投资相关标的表现最好。行业方面，长期资本开支低、未来有一定供给缺口、且商品价格受益于国际市场强需求支撑的上游能源和金属表现最为突出，同时受益于出口增长、业绩表现亮眼的家电和报表稳定性强、股息率较高的银行表现较好。　　二季度经济恢复动能边际走弱，修复的不均衡性仍较为突出。制造业投资和出口表现仍具韧性，其中资本品出口表现突出。但房价持续下行，房地产投资持续低迷，地方化债不断推进，基建增速逐步放缓，消费恢复较为疲软。总体CPI大致稳定，但核心CPI仍在下行，PPI持续低迷。金融数据5、6月份压力较大，工业企业利润增速下滑。二季度股票市场表现较好的主要是高股息相关行业如银行、电力、交运、煤炭，表现较差的行业主要是内需消费、地产、传媒和计算机。　　上半年中证环保指数收益率为-10.55%，其中上涨的细分行业和个股主要是上述现金流稳定、股息率较高的标的如水电、核电、公用事业为主的环保公司。而大部分新能源制造业由于供求关系变化、价格竞争加剧导致业绩和估值的大幅收缩。　　操作方面，主要增持传媒、通信、钢铁，减持电力设备、计算机、电子。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.444Z","mo":"经济增长方面，国内经济当前仍然处在底部震荡的状态，生产端强度有所减弱，消费修复较为疲弱，地产投资仍在收缩过程中，但出口依然保持韧性。经济增长的自然修复可能需要更长的时间。通货膨胀方面，国内需求较为疲弱，在消费修复节奏较为滞后和中下游产能利用率偏低的背景下，CPI和PPI上行压力有限。流动性方面，在监管政策打击空转的背景下，金融数据和M1增速受到较大影响。监管的影响预计将持续一段时间，后续社融大概率将回到偏弱但下行有底的轨道上来。企业盈利方面，企业营收和盈利增速仍在下行，后续观察非金融非上游企业的盈利能力的修复情况。估值方面，当前A股估值处于较为合理位置，进一步估值压缩的空间相对有限。政策方面，4月底以来房地产政策态度和落地细则发生了明显调整，预示着未来政策框架可能会发生更积极的变化，对经济增长预期的修复起到一定的正向作用，但仍需观察后续的政策加码落地情况。　　有关生态环境主题投资方面，如政府工作报告指出，2024年将继续大力发展绿色低碳经济，完善支持绿色发展的财税、金融、投资、价格政策和相关市场化机制。有关政策将继续全面推进现代化生态环境监测体系建设，全力支撑深入打好污染防治攻坚战和美丽中国建设。生态环保领域的各行业积极推动人工智能、大数据等现代数字技术的应用，提升生态环保治理效率。生态环境部强调科技创新的重要性，加强科技平台建设，促进科技成果转化，拓展数字技术应用。考察有关ESG投资主题，如可持续农业、绿色建筑、智慧城市、绿色能源等主题，这些行业通常具有较高的ESG评级，未来发展潜力较大。但是环保产业也存在市场竞争激烈、技术创新能力不足、政策支持力度不够等问题，需要考察盈利的可持续性和估值合理性。　　展望未来，市场下行风险相对可控，但上行仍具不确定性，取决于对地产、消费和出口等方面的预期变化，企业经营的改善仍然存在不确定性，也需要时间。在降低预期的情况下，估值的进一步大幅压缩空间不大，市场下行的风险相对可控。在下行有底、上行不确定的环境下，市场仍然以结构性机会为主。","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csrcFundId":4015,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:42.044Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","memoNum":2,"masterFundShortName":"工银生态环境股票","pinyin":"gyrxsthjhygpxzqtzjj","managers":[{"stockCode":"8801314061","stockType":"fund_manager","exchange":"fm","tickerId":82410056960,"name":"何肖颉"}]},"announcement":{"linkText":"工银瑞信生态环境行业股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148126","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53b7fea5b3eb0442dc4","date":"2024-03-30T16:00:00.000Z","stockId":3000000001245,"sao":"回顾一季度，国内经济在地产和基建承压的情况下依然保持了较强的韧性：生产端改善明显，PMI和工业增加值表现较强；消费端保持平稳；出口端保持了较快的增速；地产二手房销售有所改善，但新房销售依然承压。海外美国经济表现超出预期，人民币汇率保持平稳。期间国内A股市场经历了大幅波动：一月份，市场对于经济的预期过于悲观，雪球产品和量化杠杆产品陆续发生强平，在这种状况下市场发生了小微盘股的流动性危机，A股大幅下行；二月份以来，国内权益市场在政策的支持下终结了市场交易的负向循环，A股持续企稳回升，现金流稳定、股息率较高的标的和主题投资相关标的表现最好。行业表现方面，长期资本开支不足、未来存在一定供给缺口、且商品价格韧性较强的上游能源和金属表现最为突出，同时，受益于出口增长、业绩表现亮眼的家电和报表稳定性强、股息率较高的银行表现较好。　　展望未来，尽管新房销售依然疲弱，但近期的经济数据有所回暖，未来重点关注国内非地产相关的内需恢复情况和价格水平的修复情况。从已经披露的年报看，企业营收依然承压但盈利状况有小幅改善。我们倾向于认为，地产下行对国内经济冲击最大的时刻或已经过去，未来随着企业管理水平的提高，企业盈利有望在2024年见底回升。考虑到当期A股整体估值依然处于较低的位置，未来市场有望在盈利增长驱动下缓慢但持续地回升　　操作方面，一季度加仓传媒、电力、钢铁，减仓计算机、电子、电力设备。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.441Z","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csrcFundId":4015,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:42.044Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","memoNum":2,"masterFundShortName":"工银生态环境股票","pinyin":"gyrxsthjhygpxzqtzjj","managers":[{"stockCode":"8801314061","stockType":"fund_manager","exchange":"fm","tickerId":82410056960,"name":"何肖颉"}]},"announcement":{"linkText":"工银瑞信生态环境行业股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076550","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53b7fea5b3eb0442dc3","date":"2023-12-30T16:00:00.000Z","stockId":3000000001245,"sao":"一季度，市场对于国内外经济的预期波动较大，这种宏观预期的大幅摆动，给市场带来了巨大的波动。二、三季度，国内经济复苏力度持续低于市场预期，经济复苏相关产业链表现较弱，主要受需求不振的影响。地产方面，新房销售不佳，土地市场表现低迷，成交集中于头部城市，新开工持续放缓，保交楼进度慢于预期。基建方面，受限于地方政府财力，基建增速放缓。制造业投资增速持续放缓，出口端在高基数下表现尚可。流动性方面相对宽松，信贷需求较为低迷。通胀方面，物价向上压力有限。四季度，经济增长符合预期，政策持续发力，但政策效果的显现仍需一定时间。经济运行仍然呈现生产强、需求偏弱的特征。基建和地产投资分别受制于地方财政压力和房价下行压力表现疲弱，消费增长动能较弱。一线城市核心区域房价的快速下行给资产价格带来了较大的调整压力。　　操作方面，主要增持计算机、汽车、军工，减持电力设备、有色、建材。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.439Z","mo":"国内经济当前仍在修复过程中，尽管修复速度略低于市场预期。整体经济运行呈现生产强、需求偏弱的特征，制造业投资保持韧性。市场对于基建和地产投资表现疲弱、消费增长动能不足已经有较为充分的预期，实际经济增速存在略好于预期的可能。国内需求较为疲弱，CPI和PPI上行压力不大。市场更为关心国内CPI负增长能否结束，PPI由于基数原因有望收窄。国内流动性处于较为宽松的环境中，LPR、存款基准利率连续调降，但维持汇率稳定的压力依旧存在，未来需要观察央行在内部和外部均衡方面的取舍。企业盈利增速仍在下行，2024年随着政策的进一步发力和企业经营预期的调整，企业有望降本控费增效，企业盈利增速有望筑底回升。静态来看，当前市场估值处于历史低位，部分大盘股股息率相对长期国债利率已经具备较高的吸引力，存在估值修复的可能性。动态来看，市场对于上市公司企业盈利增长何时企稳仍有疑问，国内依旧存在的内生增长动力不足和地产价格下行的压力也使估值修复的窗口后推。政策端，一方面财政端发力支撑经济增长，特别国债、地方政府长期债务新增发行，PSL也有所预期；另一方面做结构性调整，强化地方政府财政纪律、地方债务化解、盘活信贷存量等。考虑到政策的影响并非完全是逆周期导向，我们将更为关注结构性的影响。海外方面，美国经济最近韧性较强，通胀有所回落，但平均时薪仍有上升。在美联储跟随数据进行政策判断的框架下，由于当前经济数据指向不一，降息的时点、节奏和力度仍待观察。海外对国内的影响，可能还将延续经常账户端有韧性，但资本账户端有压力的情况。　　展望后市，我们认为权益市场处于相对较低位置，未来存在较大修复机会。市场对于经济的预期已经较为悲观，计入了较高的内需不振和房价下行预期，对于政策托底预期不足。未来随着政策发力逐步起效，预计估值继续大幅度下行的空间较为有限。企业盈利仍在寻底过程中，随着企业资本开支放缓、费用控制加强，2024年企业盈利有望企稳回升。在盈利寻底、估值较低的环境下，市场大概率底部企稳，并以结构性机会为主。","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csrcFundId":4015,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:42.044Z","master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体先升后降、大幅波动和内部结构分化极大的特征。三个方面的因素共同塑造这种巨大的波动和分化。一是国内经济预期的剧烈变化。一月份，市场在春节餐饮和出行数据快速恢复下，形成了国内经济强劲复苏的预期。然而，部分行业春节后的经济数据表明，复工以来生产偏强、需求偏弱、出口压力较大、订单持续性不明朗、工资水平低位徘徊，部分行业如汽车在需求不振、竞争格局恶化的情况下更是出现了价格雪崩式的下降，因此部分投资者对于国内经济恢复的预期迅速滑向另一个极端。二是海外加息预期的混乱。从2022年底到今年一月份，海外投资者在美国通胀放缓下对于美联储加息见顶、政策转向做出了过于乐观的预期。然而，美国通胀韧性较强，尽管有2022年持续、快速的加息，美国企业利润增长依然强劲，就业需求和工资水平韧性较强，房屋库存水平处于近五年来相对低位。投资者在接受现实后又出现了大幅度的预期转向，最极端的预期为2023年加息四次。三月份高息环境下的中小银行危机带来了进一步的货币政策修正，市场加息预期回到了2023年加息两次，即去年加息预期改变前的原点。类似上述宏观预期的大幅摆动，给市场带来了巨大的波动。三是在国内和海外宏观预期的剧烈变化中，部分投资者转向具备相对确定性的主题性投资。其一是chatgpt驱动下的AIGC科技主题投资。人工智能在发展分析推理能力后将给人类社会带来巨大的改变。然而目前对于应用端市场空间的强烈预期和现实中行业竞争格局和企业收费能力的演变两者间可能存在割裂，颠覆还是赋能目前尚不清楚。当前确定性受益的部分主要在于具备技术优势的大模型平台和算力端的需求上升。其二是“中特估”主题下的国企盈利能力改善和高股息投资。国资委考核方式的改变和龙头地位稳定、盈利稳定带来的稳定高股息展望，给部分盈利能力改善预期较强和有望持续实现高股息分派的国企带来了短期内价值重估的机会。　　一季度内宏观预期的大幅波动，给基金经理操作上带来了较大的挑战，未来基金经理将一如既往地重视基本面确定性改善驱动的投资机会，同时更加注意均衡配置，争取为投资者带来稳健、可持续的回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.430Z","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csrcFundId":4015,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:42.044Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","memoNum":2,"masterFundShortName":"工银生态环境股票","pinyin":"gyrxsthjhygpxzqtzjj","managers":[{"stockCode":"8801314061","stockType":"fund_manager","exchange":"fm","tickerId":82410056960,"name":"何肖颉"}]},"announcement":{"linkText":"工银瑞信生态环境行业股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882670","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53b7fea5b3eb0442dbf","date":"2022-12-30T16:00:00.000Z","stockId":3000000001245,"sao":"2022年初，国内政策偏重稳增长，市场对于美国通胀和政策收紧有着较为温和的预期，经济显现出触底迹象。然而，俄乌冲突导致国际局势紧张和通胀上行给国内A股市场带来了较大幅度冲击。　　二季度，由于上海疫情封控的冲击超出预期，稳增长政策落地进度低于预期，地产销售和消费数据大幅下滑，市场对于需求端的担忧也逐步抬头。其后，随着国务院稳增长接续政策发布和上海解封，市场对于国内经济增长的预期重回乐观。　　三季度，市场对于地产行业触底改善的预期有所升温，高波动环境下市场偏好配置高分红标的。然而，由于美联储超预期快速加息，国内地产保交楼风险浮现，应对疫情多点散发扩大封控范围对经济增长影响较大，导致人民币快速、大幅贬值，市场预期转差。　　四季度，在国内地产政策支持力度大幅加强、疫情防控政策实质性转向、海外通胀降温加息放缓三重利好支持下，A股权益市场开启反弹，期间市场估值跟随政策预期和业绩表现不断变化，稳增长相关行业和消费行业表现较为突出。　　操作方面，本基金组合全年总体加仓汽车、电力设备等行业，减仓机械、电子等行业。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.428Z","mo":"展望2023年，我们预期A股市场机会大于风险。由于稳增长政策将进一步加强，同时有关行业监管政策的规范进入尾声，疫情扰动逐渐减弱，企业和居民将迎来相对稳定的经营和工作环境，国内经济将迎来复苏。全年通胀压力有限，货币政策保持稳健，人民币汇率基本稳定。受益于需求恢复、部分行业竞争格局改善和企业自身降本增效，上市公司盈利开始恢复性增长，市场整体估值合理偏低，盈利增长和估值修复将有望共同驱动A股市场上行。　　同时，在当前强预期、弱现实的A股市场背景下，仍然存在很多的不确定性，我们将重点关注在逆风环境下行业竞争格局改善、公司自身竞争优势提升和估值相对合理的标的，在不确定的环境下寻找相对确定性的机会。","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csrcFundId":4015,"fundStatus":"normal","lastUpdated":"2026-04-30T17:53:42.044Z","masterFundFlag":1,"inceptionDate":"2015-06-01T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","memoNum":2,"masterFundShortName":"工银生态环境股票","pinyin":"gyrxsthjhygpxzqtzjj","managers":[{"stockCode":"8801314061","stockType":"fund_manager","exchange":"fm","tickerId":82410056960,"name":"何肖颉"}]},"announcement":{"linkText":"工银瑞信生态环境行业股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864918","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec53b7fea5b3eb0442dbe","date":"2022-09-29T16:00:00.000Z","stockId":3000000001245,"sao":"回顾三季度，国内经济在地产断贷冲击和疫情反复出现的影响下，复苏过程陷入徘徊。稳增长政策持续推进，国内地产政策总体趋向放松但边际上仍有摇摆，疫情持续反复给防控政策进一步优化的空间相对有限，后续需要观察地产和疫情两方面出现更加积极的变化。海外需求在欧美高通胀的影响下开始下滑，美国财政和货币政策双收紧也抑制全球需求，同时俄乌冲突对于粮食和能源的影响已经较为充分地计入预期，预计商品价格再度上行的压力有限。由于需求疲弱和出口承压，国内CPI和PPI上行乏力的趋势有望持续。国内流动性处于较为宽松的环境中，随着LPR、MLF、存款基准利率的连续调降，存在开启降息周期的可能性。但美联储议息会议提高了终端目标利率后，国内货币政策空间受到挤压，未来需要观察央行在内部和外部均衡方面的取舍。A股权益市场在地产断贷冲击、疫情反复出现和汇率大幅下跌的影响下，三季度持续回落。  操作方面，三季度加仓有色、机械、钢铁，减仓通信、电子、交运。  当前，我们对市场保持谨慎乐观的态度。当前市场处于底部阶段的特征较为明显，整体系统性风险有限。但本轮市场底部与过往几轮市场底部最大的不同在于内部估值水平的严重分化和中美经济周期大幅错配，风险释放较为充分但修复的道路会较为曲折。组合倾向于保持均衡配置，一方面配置低估值、高股息的品种，估值修复的确定性较高；另一方面保持对于高成长、高景气行业中竞争优势较为明显的标的配置，未来将在竞争格局从分散到集中的过程中受益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:03:55.425Z","fund":{"_id":3000000001245,"stockCode":"001245","stockType":"fund","areaCode":"cn","followedNum":125,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":3473410000,"market":"a","tickerId":1245,"custody":"上海浦东发展银行股份有限公司","name":"工银瑞信生态环境行业股票型证券投资基金","shortName":"工银生态环境股票(001245)","fundSecondLevel":"company","__csr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